Eve and Zanite Plan To Complete Merger, IPO Next Month

 - April 14, 2022, 12:37 PM

Eve Urban Air Mobility and Zanite Acquisition expect to complete their merger on May 9 and then float shares in the new Eve Holding entity on the New York Stock Exchange, the companies said today. Special purpose acquisition company Zanite filed today the required definitive proxy statement with the U.S. Securities and Exchange Commission, paving the way for completion of the deal with the eVTOL aircraft developer.

Zanite’s board of directors has recommended that shareholders approve the combination with Eve, which is a subsidiary of Brazilian aircraft manufacturer Embraer. This is expected to happen at a special meeting on May 6.

Late last month, Eve’s leadership team indicated that they expect the merger and Wall Street listing to raise nearly $600 million. The combined company will trade under the symbols EVEX and EVEXW. Embraer will be the majority shareholder in the new Eve Holding public company with just over an 80 percent stake.

Eve expects that its four-passenger eVTOL will enter service in 2026.

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